In addition to articles about deals and new companies, the new magazine will feature lists along the lines of the Silicon Alley 100, an annual list of the top Internet executives in New York that was always the magazine's best-read issue.

To a large degree, the demise of the Silicon Alley Reporter reflects the consolidation and decline of the industry it chronicled.

The magazine started in 1996 as a 16-page photocopy, grew to a 250-page glossy at the height of the Internet boom last year and then shrank to 64 pages by its last issue this month, a victim of the technology advertising decline that also caused The Industry Standard, a national Internet business magazine, to stop publishing earlier this year.

Over the same period, new media employment in the New York area grew from almost nothing to 250,000 among 8,500 companies in 1999, according to a study commissioned by the New York New Media Association. In April 2000, just before the market started to fall, new media executives predicted that the industry would continue to grow at an annual rate of 40 percent.

That did not happen.

''It is a very, very difficult time here,'' said Alice O'Rourke, the association's executive director, noting that the Sept. 11 terrorist attacks had placed more stress on companies.

''From big technology providers to 14-person offices,'' Ms. O'Rourke said, ''the word people are using again and again is 'body blow.' ''

Mr. Calacanis began to consider his options last summer, when he realized that many entrepreneurs in his last Top 100 issue were planning trips to Europe or going back to school. Josh Harris, whose face appeared on the magazine's cover before his company, Pseudo, closed down, is growing apples in upstate New York. Flatiron Partners, the Alley's leading venture capital firm, left its offices in the Flatiron Building in May and has moved in with its main backer, J. P. Morgan Chase & Company.

Mr. Calacanis says that although the Internet will continue to be a force in the economy, the industry's consolidation into a few powerful companies like America Online, Yahoo and Microsoft leaves him little to write about -- and less advertising.

''Having a magazine about the Internet now is like having a magazine about refrigerators,'' he said. ''What can you say about them? They work.''

Before the Sept. 11 attacks, Mr. Calacanis had planned a funeral party for his magazine, complete with black-edged invitations and a coffin. He canceled it.

In an interview last week in his new Midtown office (he used to be in the Alley), Mr. Calacanis was left to wax nostalgic over the Silicon Alley 100 issue of 2000, published at the height of the boom.

At a photo shoot for that issue were Alley luminaries like Candice Carpenter, founder of iVillage; Jay Walker, founder of Priceline; and Jeff Dachis, founder of Razorfish -- all of whom have since left their companies, which have all undergone reorganization. The total net worth in the room then was $30 billion to $40 billion, Mr. Calacanis estimates. If the same people were to gather for a photo shoot today, their worth would be more like $3 billion to $4 billion.

Brightening as he pored over a growing database of venture capital deals, he said that in the last 60 days investors had completed 93 deals with biotechnology and wireless companies. ''There haven't been 93 deals in the Alley in the last year,'' he said. ''This is all about following the money.''

By paring his staff to 22, from 30, and continuing to producing industry conferences -- though none as lucrative as Silicon Alley 2000, for which 1,000 people bought $1,000 tickets -- Mr. Calacanis said the magazine had been able to break even in recent months.

He is using the money he saved from the boom years and a $2 million line of credit to start Venture Reporter. And he will continue to publish two online newsletters about the Internet industry, SiliconAlleyDaily.com and DigitalCoastReporter.com, in addition to one about venture capital.

Mr. Calacanis, a former party scene columnist, rides around the city on an orange Kozmo scooter, bought at a fire sale price after he wrote an article last April about the delivery service company going out of business. His refusal to sell his magazine at the height of the Internet boom and his role as Silicon Alley's biggest cheerleader won him affection, scorn and respect for his success and self-promotion.

In the interview last week, he compared his decision to swap the Silicon Alley publication for Venture Reporter to Bob Dylan's decision to play an electric guitar at the Newport Folk Festival. ''The fans hated it,'' he said, ''but it was a brilliant move.''

Some companies that have survived the industry shakeout are sad to see the Silicon Alley Reporter go.

''It was an irreverent, fun magazine, and it will be missed,'' said Kevin Ryan, chief executive of Doubleclick, whose ''Welcome to Silicon Alley'' billboard still hangs optimistically near the Flatiron. ''Have you been to Silicon Valley recently?'' he added, with old-fashioned Alley bravado. ''It's much worse.''